Greece has reached a deal with its European creditors to avoid an exit from the euro and financial chaos. CBC News brings you the latest updates.

International Monetary Fund Managing Director Christine Lagarde smiles as she leaves a meeting of eurozone heads of state at the EU Council building in Brussels on Monday. (Geert Vanden Wijngaert/Associated Press)

European stock indices were higher Monday following news of an agreement on the Greek debt crisis. Shortly before 7 a.m. ET, the FTSE 100 index was up 0.67%, the CAC 40 was up 1.96%, and the DAX index was up 1.37%. The Euro Stoxx 50 was ahead 1.75%.

A elderly man in a wheelchair waits with other pensioners outside a national bank branch to withdraw a maximum of 120 euros for the week in central Athens on Monday. (Petros Giannakouris/Associated Press)

As negotiations over the Greek bailout dragged on, the hashtag #ThisIsACoup has been trending on Twitter -- a gathering place for those complaining about Germany's and other creditors' perceived harshness toward Greece.

Germany was the most prominent of the European nations pushing for tough conditions for any new financial aid to Greece. But German Chancellor Angela Merkel's spokesman is dismissing those hostile Twitter comments and the hashtag as "completely unfounded."

Spokesman Steffen Seibert on Monday rejected suggestions that the country had sought to humiliate Greece. He noted the agreement was reached by all 19 nations who share the common euro currency and said: "The chancellor and the whole German government are acting out of European conviction and in European responsibility."

Greece's pro-European opposition parties have indicated they still back left-wing Prime Minister Alexis Tsipras, who is likely to need their help to rush a new austerity package through Parliament this week.

Conservative opposition leader Vangelis Meimarakis says "Greece can catch its breath, so that with sobriety and responsibility it can try to find its step in Europe again."

Dissent over the deal Greece made with creditors Monday is threatening Tsipras' coalition government, since it does require tax increases and pension changes. Some leftist lawmakers from his ruling Syriza party are calling the agreement the "worst deal possible ... (since it) maintains the country's status: a debt colony under a German-run European Union."

Michael Pistillo, Jr., left, with Barclays and Tommy Kalikas with Livermore Trading Group follow stock prices at the New York Stock Exchange, Monday. Canadian and U.S. stocks opened higher after Greece reached an agreement with its creditors on a new loan package that will help keep the country in the euro. (Mark Lennihan/Associated Pres)

Greece's labour minister says the country is likely to see another general election this year.

Panos Skourletis, a former spokesman for the ruling Syriza party, told state television the government will need "borrowed votes from the opposition" to pass the new austerity measures demanded by creditors.

He says "I cannot see how we can avoid elections in 2015 ... It's unnatural: We believe in something different than what we've been forced to sign with a gun pointed to our head."

Pro-European Greek opposition parties have promised to back the bailout deal negotiated by Prime Minister Alexis Tsipras as the only alternative to being expelled from the shared euro currency.

Skourletis said, however, that a quick election could not be held because of the state of Greece's economy, with its banks still closed.

In the end, Greek Prime Minister Alexis Tsipras tried to play nice, grovelled even. But it was not enough. One European official described the German and Eastern European gang-up as "extensive mental waterboarding," and it still remains to be seen if the subject can survive.

Greece will need far bigger debt relief than euro zone partners have been prepared to envisage so far due to the devastation of its economy and banks in the last two weeks, a confidential study by the International Monetary Fund seen by Reuters shows.The updated debt sustainability analysis (DSA) was sent to euro zone governments late on Monday, hours after Athens and its 18 partners agreed in principle to open negotiations on a third bailout program of up to €86 billion in return for tougher austerity measures and structural reforms.